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phase 2 of BEE codes gets go-ahead
14 December 2006
The Department of Trade and Industry has announced that Cabinet has approved phase two of the codes of good practice on broad-based black economic empowerment (B-BBEE).
Phase two deals with the scorecard and its elements: employment equity, skills development, preferential procurement, enterprise development, socio-economic development, qualifying small enterprises as well as the treatment of multinationals.
This will enable the Minister of Trade and Industry to gazette phase one and two of the codes of good practice early next year as well as gazette sector transformation charters for black economic empowerment.
Sectors will determine their own thresholds for exempted and qualifying enterprises, but the codes set a generic range of R5-million to R35-million for qualifying small enterprises. The full details of the contents of the codes will be released publicly next week and the final gazetted document of the codes will be made available early in 2007.
Cabinet endorsed phase one of the codes in October 2005. These dealt with the conceptual framework, the verification agencies, sector transformation charters, ownership, the recognition of the sale of assets and management.
I-Net Bridge, businessiafrica.com
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